Updated July 19, 2019: On Thursday, July 18, 2019, Ag Equipment Intelligence incorrectly reported that Thurston Manufacturing and its line of Blu-Jet agricultural equipment had been acquired by Unverferth Manufacturing for $7,560,000. Thurston Manufacturing has not been acquired by Unverferth Manufacturing for any amount previously stated or otherwise. The purchase of the Blu-Jet line by Unverferth Manufacturing was completed for $7.56 million plus inventory, where “plus inventory” had been incorrectly left out.
As reported earlier by Ag Equipment Intelligence, Unverferth Manufacturing announced its intent to acquire Thurston Manufacturing's line of Blu-Jet agricultural equipment.
The most recent bankruptcy petition released earlier this week shows the selling price for the Blu-Jet equipment line came in at $7.56 million plus inventory. The purchase is expected to close by Aug. 2, 2019, and no later than Aug. 21, 2019.
Timothy Meyer of Equity Advisors, Barrington Hills, Ill., is providing the marketing services to dispose of the Thurston assets. Meyer indicates Unverferth Manufacturing emerged from a pool of 33 potential buyers to obtain the greatest value of the sale.
Earlier this year, Thurston filed for Chapter 11 bankruptcy with assets estimated at $8,913,350 and liabilities of $9,485,519. The two largest creditors were BizCapital Bidco with $3,300,000 in claims and Crestmark Bank with $1,600,000 in claims.
Sales for Thurston were $13,902,374 for the period between Oct.1, 2017 and Sept. 30, 2018.